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    Emmy

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    Nigeria has had several development plans over the years, but many have failed due to issues like poor implementation, corruption, and political instability. Planning involves thinking ahead and deciding on actions needed to achieve goals, including determining control, direction, and methods. Specifically, economic planning involves a central authority making major decisions about production, allocation of resources, and comprehensive management of the economic system as a whole to achieve targets within a set time period. A good plan should be comprehensive, review past performance, identify objectives and priorities, outline strategies and policies to achieve objectives, include capital spending programs and specific projects, and provide economic forecasts.

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    Emmy

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    immam
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    Nigeria has had several development plans over the years, but many have failed due to issues like poor implementation, corruption, and political instability. Planning involves thinking ahead and deciding on actions needed to achieve goals, including determining control, direction, and methods. Specifically, economic planning involves a central authority making major decisions about production, allocation of resources, and comprehensive management of the economic system as a whole to achieve targets within a set time period. A good plan should be comprehensive, review past performance, identify objectives and priorities, outline strategies and policies to achieve objectives, include capital spending programs and specific projects, and provide economic forecasts.

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    it's all about Economic Planning

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    Nigeria has had several development plans over the years, but many have failed due to issues like poor implementation, corruption, and political instability. Planning involves thinking ahead and deciding on actions needed to achieve goals, including determining control, direction, and methods. Specifically, economic planning involves a central authority making major decisions about production, allocation of resources, and comprehensive management of the economic system as a whole to achieve targets within a set time period. A good plan should be comprehensive, review past performance, identify objectives and priorities, outline strategies and policies to achieve objectives, include capital spending programs and specific projects, and provide economic forecasts.

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    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    50 views3 pages

    Emmy

    Uploaded by

    immam
    Nigeria has had several development plans over the years, but many have failed due to issues like poor implementation, corruption, and political instability. Planning involves thinking ahead and deciding on actions needed to achieve goals, including determining control, direction, and methods. Specifically, economic planning involves a central authority making major decisions about production, allocation of resources, and comprehensive management of the economic system as a whole to achieve targets within a set time period. A good plan should be comprehensive, review past performance, identify objectives and priorities, outline strategies and policies to achieve objectives, include capital spending programs and specific projects, and provide economic forecasts.

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    INTRODUCTION

    Nigeria have had several planning over the years and pimp point
    some failures due to poor implementation, corruption, experts,
    political instability e.t.c has hindered growth and development.
    PLANNING
    Planning is deciding what action will take you in future for the
    purpose of achieving set goals, it involves thinking ahead,
    initiating and taking a predetermine cost of action and deciding in
    advance what should be done, how, when and who. Without
    planning the activities of organization, institutions society and
    nations may well become a series of random action with meaning
    less objectives.
    Planning

    can

    also

    be

    seen

    an

    activity

    that

    entails

    the

    determination of control, direction and method of accomplishing


    the overall organization of national objectives
    Planning is looking ahead and anticipating the future making
    choice from available alternative means to achieve specific
    objectives.
    Planning according to Prof. L Robbins, economic planning is the
    collective control or suppression of private activities of production
    and exchange.
    According to Hayek, he sees economic planning as a direction of
    productive activities by central authorities.

    According to Dalton Economic planning in the widest sense is the


    deliberate direction by persons in charge of large resources of
    economic activities toward choosing ends.
    Lewis Lordwin define economic planning, as a scheme of
    economic

    organization

    in

    which

    individual

    separate

    plans,

    enterprises, and industries are treated as coordinate units of one


    single system for the purpose of utilizing available resources to
    achieve the maximum satisfaction of the peoples needs within a
    given time.
    In the words of Zweig, economic planning consist in the extension
    of the functions of public authorities to organization and
    utilization of economic resources. Planning implies and leads to
    centralization of the National Economy.
    One of the most popular definition is by Dickinson who defines
    planning as a making of major economic decisions, what and
    how much is to be produce, how, when and where it is to be
    produce, to whom it is to be allocated, by the conscious decision
    of a determinate authority, on the basis of comprehensive survey
    of the economic system as a whole.
    Even though there is no unanimity of opinion on the subject, yet
    economic planning has understood by the majority of economists
    implies deliberate control and direction of the economy by a
    central authority for the purpose of achieving definite target and
    objectives within a specified period of time.
    A good plan should have the following features among others;

    a. Comprehensive in the sense of including the central


    government, parastatals and agencies of government as well
    as private sector
    b. A review of past performance of the economy as well as an
    identification of the most serious current problems
    c. The desire economic objective and targets. Priorities needs
    to be established among them
    d. Strategies for achieving identified objective and targets, the
    strategies will in turn be translated to policy specifics
    e. Programmes of capital spending for the planned period,
    f.

    which should also be broken down into specific projects and


    A full range of projections or forecasts about the behaviour
    of the economy over the planned period

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